Marina View white site attracts one bid
The bid for the white plot at Marina View closed on Tue 21 September, with Blvd View emerging as the one and only bidder for the 99 yrs lease term spot.
During a release, the URA mentioned: “This is certainly not an announcement of bid grant. A conclusion on the award of the tender are going to be generated only after the proposal has already gotten assessed. This will be publicised in a future period.”
Professionals documented that Boulevard View’s tender of $1.508 bil or $One thousand Three hundred Seventy Nine per sq ft per plot ratio is the similar offer value that stimulated the site becoming launched from the Government Land Sales prog’s Reserve Listing.
The Seven thousand Eight hundred Seventeen point Six spot is expected for mixed use property including holiday accommodation, home, retail and/or serviced apartments. It can produce 905 private residential flats, 5hundred 40 hotel living areas as well as 2K sq metre in GFA of retail zone.
Huttons Asia Chief Exec Officer Mark Yip said it is actually the first tender to get a single bidder since the COVID CB.
“The previous instance a GLS tender saw 1 bidder was actually for a spot at Silat Avenue in 2018,” he further mentioned.
Tricia Song, Head of Research Study for Southeast Asia at CBRE, stated the single bid for the site remains in stark comparison to the challenging bidding witnessed in the 5 suburban or city fringe house sites.
All of these involve Tampines Street 62, Lentor Central, AMK Avenue 1, Tengah Garden EC and also Northumberland plots, that drew seven to Fifteen quotes each with tender rates going beyond expectations.
Song associated the lacklustre interest for the location to “the huge quantum of beyond $1.5 bil land price, near-term unpredictabilities on the CBD workplace and resort industries, and even competitiveness from properties that are not sold and potential fresh inventory coming from rebuilts located in the community”.
With land offers in the OCR getting to $1,204 per sq ft per PR and even International Plaza moving collective sale for $2,170 psf ppr, Mark observed that Boulevard View’s $One thousand Three hundred Seventy Nine psf ppr tender seems on the low side, which may be deemed opportunistic by the Government.
Moreover since there is zero other bidder for the spot, this presents the Government an additional reason not to grant the site, he reported.